David Whitehouse, Rangers' joint administrator, has accused Brian Kennedy of pursuing a "very dangerous strategy" towards the Ibrox club, which could push them into liquidation.

Kennedy had joined forces with the Blue Knights consortium to bid for Rangers but that move was unsuccessful. On Friday, Kennedy – who owns the Sale Sharks rugby club – held a press conference along with the consortium leader, Paul Murray, in which the pair criticised the administrators of Duff & Phelps for not accepting their offer.

Whitehouse has now hit back regarding the Blue Knights' hopes of taking Rangers out of administration via a company voluntary arrangement. The administrator said: "At the moment we have four bids and they [the Blue Knights] are fourth of four. The Blue Knights have been told time and time again that the bid is too low. They have adopted a strategy to try and bulldoze the process and railroad us through to submission.

"Frankly, even if they were able to railroad us, which they won't, I don't believe that their offer is one the creditors will accept. And we speak to Her Majesty's Revenue and Customs on a daily basis.

"HMRC have made it very clear that they don't believe in the football creditor rule so it would be contrary to stated policy to accept what the Blue Knights are proposing. Brian Kennedy and his lawyers and advisers are aware of that.

"Their offer is just not enough and to come out and say you've offered £11m is disingenuous to the fans. All I want do here is put the record straight and to state categorically that their bid has a value to creditors of £2m-£2.5m and it's too low. To say it's £11m is misleading."

Whitehouse added: "Brian Kennedy is adamant he'll come back in. He's sure that his tactics will remove everybody from the frame but my concern is that if his tactics were to achieve that they could bring about the true liquidation of the club. It's very hard to see how HMRC could be persuaded to accept a bid of that ilk when there's an asset base that includes Ibrox and the Murray Park training ground.

"I think he's pursuing a very dangerous strategy. If he thinks he can railroad the process and persuade HMRC to take his level of offer, it's dangerous. Brian put a proposal to us and said unless you accept it midday Friday I will withdraw it and then he said: 'Well, we're going to have a press conference to explain why our bid has failed and we'll do it at 3pm so you've got until then to change your mind.' And we said: 'Brian, we're not going to change our mind.' He said: 'We'll move it to 4pm, we'll give you another hour.'

"We want to get on with proper bidders and get a deal done, we don't want to be distracted by a sideshow. He has to buy the club with cash, not with media influence. If he wants to buy the club then make an offer that is comparable to other people. We're not talking days, the Knights have had nearly 12 weeks to do that."

A consortium led by the ex-Sheffield United chief executive is now the frontrunner to gain control of Rangers. "He's backed by a venture capital fund," Whitehouse said. "There are some relatively high-profile football people in his bid team."

The Blue Knights re-entered the fray by issuing a statement on Saturday night which read: "We ask Mr Whitehouse why our current bid was considered in the right 'ball park' in a conversation between Mr Kennedy and Mr Clark on Saturday, 28th April.

"We would also ask why we were told last Thursday morning that, given our advanced stage of due diligence, we were likely to be given preferred bidder status.

"In fact, on Friday morning of 11th May, there were exchanges of contracts for interim funding between our lawyers and Duff and Phelps. Clearly our bid was enough then, until a higher bid was received and firmed up at the 11th hour."

The Blue Knights statement continued: "We would like to add that should a higher bidder be given preferred bidder status, and such a person or persons are fit and proper and robust financially with high likelihood of completing the deal, all Rangers men, women and children should support this if it is considered this is in the best interests of the club.

"Following more disingenuous spin on the value of the Blue Knights bid we clarify the following: Payable on completion of CVA (around the end July) we will pay £5.5m net into the creditors pot.

"On acceptance as preferred bidder, we take over all costs incurred. These are estimated at £3m per month so to the end of July losses are £6m.

"The club are due payment of around £2.4m, from football debtors, so the cash shortfall will be £3.6m. The Blue Knights will pay this. Therefore, on exiting CVA at the end July, the total cash out, paid by the BK investors is £5.5m plus £3.6m = £9.1m.

"There will be substantially more cash required from the investors going forward from this date to ensure all costs and losses are funded.

"I'm sure all honest people can imagine how furious the BK investors were when they read the recent comments by Mr Whitehouse attempting to confuse by focusing on the figure £2.5m.

"The total amount we believe is needed to fund RFC, including the £9.1m by the end of June, is around £20m. Any transfer monies in would reduce this, but we may need to make some player purchases too."